JSE-listed food services multinational Bidcorp has warned shareholders that it expects to report a 43% to 48% year-on-year decrease in headline earnings per share (HEPS) for the six months ended December 31, 2020.
HEPS from continuing operations are expected to decrease to between 378.7c and 415.1c.
Basic earnings a share from continuing operations are expected to decrease by 35% to 40% to between 435.2c and 471.5c.
Bidcorp says it has delivered a commendable result for the half-year against a backdrop of the catastrophic economic and social consequences of the ongoing Covid-19 pandemic on the hospitality, tourism, and leisure industries globally.
"Good asset management, excellent free cash flows and healthy profitability underpinned the pandemic-affected results," Bidcorp said in the statement.
Performance for the financial year started relatively well, with most geographies seemingly coming out of the worst of the Covid-19 first wave, with a positive financial performance through July and August, particularly in Europe and UK. This started deteriorating into September in the northern hemisphere and worsened into the second quarter of its financial year with Europe and UK firmly in the grip of the harsh second wave, it stated.
Bidcorp expects to release its interim results on or about Tuesday, February 23.